scholarly journals PENGARUH INFLASI, JUB, SBI, SERTA CADANGAN DEVISA TERHADAP NILAI TUKAR RUPIAH TAHUN 2017-2020

2021 ◽  
Vol 6 (2) ◽  
pp. 60-72
Author(s):  
Duwik Tri Utami ◽  
Fitrah Sari Islami
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Money Supply ◽  
Foreign Exchange ◽  
Open Economy ◽  
The United States ◽  
Foreign Exchange Reserves ◽  
Short Term ◽  
The Exchange Rate

Indonesia's economy refers to an open economy. In conducting international trade, countries must compare their currencies with currencies belonging to other countries. Where, the United States currency, namely the dollar, is still the standard of world exchange rates and is used in international transactions. The effect of fluctuations in the exchange rate of the rupiah with the dollar is the occurrence of depreciation or appreciation which will affect Indonesia's economic activities. The purpose of this study is to determine the effect of inflation, the money supply (M2), the SBI interest rate, and foreign exchange reserves on the rupiah exchange rate in the short and long term. The variables that are thought to be able to influence changes in the rupiah exchange rate are the inflation rate, the money supply (M2), the SBI interest rate, and foreign exchange reserves. This research was conducted during January 2017 to December 2020, using the Error Correction Model (ECM). The result is a long-term and short-term relationship. In the short term, foreign exchange reserves and the money supply (M2) significantly affect the exchange rate. Meanwhile, in the long term, the SBI interest rate, money supply (M2), and foreign exchange reserves significantly affect the exchange rate.

scholarly journals FAKTOR-FAKTOR YANG MEMPENGARUHI NILAI TUKAR RUPIAH TERHADAP DOLAR AMERIKA DENGAN MODEL KOREKSI KESALAHAN ENGLE-GRANGER (PENDEKATAN MONETER)

2017 ◽  
Vol 4 (2) ◽  
pp. 162
Author(s):  
Eni Setyowati
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Gross Domestic Product ◽  
Money Supply ◽  
Foreign Exchange ◽  
Domestic Product ◽  
Short Term ◽  
Demand And Supply ◽  
Real Gross Domestic Product

Exchange rate measures the value of a certain foreign exchange from other foreign exchange's perspective. As the condition of economic changes, the exchange rate ma change substantially. The decrease of the value of a foreign exchange is called depreciation and the increase value of a foreign exchange is called appreciation.The equilibrium exchange rate will change along with the change of demand and supply. Factors causing the change of demand and supply curve among others are the amount of money supply, relative gross domestic product (GDP) and the level of relative interest rate.The research is aimed to analyze the influence of variables of Indonesian money supply, American money supply, Indonesian real Gross Domestic Product, American real Gross Domestic Product, deposits interest rate and LIBOR (London Interbank Offer Rates on SDR Deposit) both in short and long terms.One of the ways to analyze the influence of short term and long term is by developing the dynamic model. In this research, the analyzes of dynamic model was conducted with ENGEL-GRANGER ERROR CORRECTION MODEL approach which was developed by ENGEL-GRANGER (1987) based on GRANGER REPRESENTATION THEOREM.The ECM analyzes was chosen not only because of its ability to solve the problem of time series which is not stationer, and spurious regression and spurious correlation in the economic analyses but also its ability to discuss the consistence of empiric model with economic theory. Beside, ECM concept is also thought to be more realistic in observing the development of economics variables from the result of the analyzes during the time of observation. It was known that long-term exchange rate is influenced by Indonesia real Gross Domestic Product and the number of Indonesian money supply. The variable of Indonesian real Gross Domestic showed the significant result and the signal test was convenient with the theory. The variable which influence" short term exchange rate are the amount of Indonesian money supply, Indonesian real Gross Domestic Product, and Indonesian deposit interest rate. The three variables showed the significant result and the signal test was convenient with the theory.

scholarly journals Analisis Inflasi di Indonesia (Suatu Pendekatan Model Dinamik)

2018 ◽  
Vol 7 (2) ◽  
pp. 85
Author(s):  
Afrizal Afrizal
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Error Correction ◽  
Money Supply ◽  
Correction Term ◽  
Research Data ◽  
Cointegration Test ◽  
The Exchange Rate ◽  
The Interest Rate

This study aims to determine the magnitude of the effect of the money supply, the exchange rate of rupiah (exchange rate) and the interest rate on inflation in Indonesia during the period 2000.12016.4. The analysis tools used for this research data are: unit root test, integration degree test, cointegration test, error correction model / ECM. The results showed that all staioner research data at level 1 (first difference) based on cointegration test showed that the variables observed in this study co-integration or have long-term relationship. The ECM model used is valid, as indicated by the error correction term (ECT) coefficient is significant. In the short run the money supply, the exchange rate of rupiah (exchange rate) and the interest rate is not significant to the inflation rate, but in the long term is significant.

scholarly journals Analisis Faktor-Faktor yang Mempengaruhi Nilai Tukar Rupiah Periode 1999Q1-2019Q2

2020 ◽  
Vol 11 (2) ◽  
pp. 197-209
Author(s):  
Erric Wijaya
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Interest Rates ◽  
Inflation Rate ◽  
Oil Prices ◽  
Short Term ◽  
Long Run ◽  
The Exchange Rate ◽  
The Interest Rate

The exchange rate plays an important role in influencing the level of Indonesia's international trade towards trading partner countries. This study discusses the factors that influence the exchange rate of the rupiah against dollar both in the short and long term. The variables that are suspected to influence changes in exchange rates are the inflation rate, the interest rate (SBI), world oil prices, the value of exports, and the value of imports. This research was conducted during 1999 quarter 1 to 2019 quarter 2. The results showed that there was a long-term and short-term relationship between inflation rates, interest rates, world oil prices, exports and imports to the exchange rate. In the short term, the interest rate and world oil prices have a significant effect on the exchange rate. In the long run, the inflation rate, world oil prices and imports have a significant effect on the exchange rate.

scholarly journals Determinants Factors of Interest Rates on Three-Month Deposits of Bank Persero

JEJAK ◽  
2017 ◽  
Vol 10 (1) ◽  
pp. 90-102
Author(s):  
Tedy Kurniawan ◽  
Sucihatiningsih Dian Wisika Prajanti
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Money Supply ◽  
The State ◽  
Capital Adequacy ◽  
Short Term ◽  
Operating Income ◽  
Short And Long Term ◽  
The Interest Rate

This research aims at analyzing the influence of Capital Adequacy Ratio (CAR), Operating Expenses of Operating Income (BOPO), inflation, exchange rate, and the amount of money supply (M1) to the interest rate of three month deposits of the State-Owned Bank in Indonesia in 2007-2015. This research uses the error correction model analysis. The result obtained is the CAR that has a significant effect on the long term and has no effect on the short term, BOPO has a significant influence on the long term and short term, inflation has the significant effect on the long term and has no effect on the short term, the exchange rate has an influence on the short and long term, the money supply has no effects on the short and long-term on the interest rate on three month deposits of the State-Owned Bank.

Pengaruh Nilai Tukar dan Suku Bunga Acuan Terhadap Neraca Transaksi Berjalan di Indonesia Periode 2005:1 – 2015: 1 (Pendekatan Error Correction Model)

MODUS ◽  
2016 ◽  
Vol 28 (1) ◽  
pp. 105
Author(s):  
Toni Saputra ◽  
R Maryatmo
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Current Account ◽  
Secondary Data ◽  
Analysis Tool ◽  
Short Term ◽  
Correction Model ◽  
The Exchange Rate ◽  
The Current Account

AbstrakPenelitian ini bertujuan untuk mengetahui dan menganalisis pengaruh nilai tukar dan suku bunga acuan terhadap neraca transaksi berjalan di Indonesia periode 2005:1- 2015:1. Data yang digunakan merupakan data sekunder. Data sekunder bersumber dari website Bank Indonesia. Alat analisis yang digunakan adalah Errror Correction Model (ECM). Selanjutnya analisis deskriptif digunakan untuk menjelaskan hasil penelitian.Penelitian ini menghasilkan dua hal. Pertama, dalam jangka pendek nilai tukar tidak berpengaruh terhadap neraca transaksi berjalan Indonesia. Dalam jangka panjang nilai tukar memiliki pengaruh positif dan signifikan terhadap neraca transaksi berjalan. Kedua, dalam jangka pendek suku bunga acuan tidak berpengaruh terhadap neraca transaksi berjalan Indonesia. Dalam jangka panjang suku bunga acuan memiliki pengaruh negatif terhadap neraca transaksi berjalan. Kata Kunci: neraca transaksi berjalan Indonesia, nilai tukar, suku bunga acuan, Errror Correction Model AbstractThis study aims to determine and analyze the effect of exchange rates and interest rates on current account in Indonesia from 2005: 1 to 2015: 1. The data used is secondary data. Secondary data is sourced from the website of Bank Indonesia. The analysis tool used is Errror Correction Model (ECM). Further descriptive analysis is used to explain the study results.This research resulted in two things. First, in the short term exchange rate has no effect on the current account in Indonesia. In the long term the exchange rate has a positive and significant impact on the current account. Second, in the short-term benchmark interest rate has no effect on the current account in Indonesia. In the long-term benchmark interest rate has a negative effect on the current account. Keywords: current account in Indonesia, the exchange rate, the benchmark interest rate, errror Correction Model

scholarly journals The Dynamics of The Rupiah Exchange Rate in 2017-2020

2020 ◽  
Vol 5 (2) ◽  
pp. 1
Author(s):  
Muhammad Arief Aldila Susanto ◽  
Rr. Retno Retno Sugiharti
Keyword(s):  
Exchange Rate ◽  
Interest Rates ◽  
Money Supply ◽  
Foreign Exchange ◽  
Time Series Data ◽  
Series Data ◽  
Foreign Exchange Reserves ◽  
Long Run ◽  
Short Run ◽  
The Exchange Rate

<p align="justify">The exchange rate is one of the most important indicators in the economy. Moreover, with the increasing intensity of trade between countries, commonly referred to as international trade, this economic indicator becomes important for every country, including Indonesia. The change in the Indonesian exchange rate system to a free-floating system has made the exchange rate fluctuations more dynamic. The fluctuations are influenced by various factors, both internal and external. This study aims to determine the effect of the money supply (M<sub>2</sub>), foreign exchange reserves, SBI interest rates and world crude oil prices on the rupiah/dollar exchange rate in 2017-2020 both in the short run and in the long run. The data used is monthly time series data from 2017-2020. The analytical method used in this study is the Error Correction Model (ECM). The results in this study indicate that in the short run and long run the money supply and foreign exchange reserves variables have a significant effect on the rupiah exchange rate in 2017-2020.</p>

scholarly journals THE EFFECT OF MACROECONOMIC FACTORS ON THE NUMBER OF CORPORATE SUKUK OFFERS IN INDONESIA

2020 ◽  
Vol 1 (4) ◽  
pp. 593-605
Author(s):  
Haerul Ependi ◽  
Hakiman Thamrin
Keyword(s):  
Exchange Rate ◽  
Money Supply ◽  
Foreign Exchange ◽  
Significant Influence ◽  
Foreign Exchange Rate ◽  
Short Term ◽  
Macroeconomic Factors ◽  
Short And Long Term ◽  
Independent Variable

This study aims to analyze the effect of macroeconomics factors on corporate sukuk in Indonesia in the short and long term. The independent variable is Inflation, Economics Growth, Total Money Supply, Foreign Exchange Rate and Bank Indonesia (BI) Rate. Whereas the dependent variable is the number of sukuk corporations offered. The results of this study indicate that the Inflation, Economics Growth, Total money supply, and BI Rate have no significant effect on the number of corporate sukuk offered. While Foreign Exchange Rate has significant effect on the amount of corporate sukuk that offered. In the short term period, the total money supply has significant influence on the number of sukuk corporations offered while the rest have no significant effect

scholarly journals Panel Analysis of Monetary Model of ASEAN-5 Exchange Rates

2018 ◽  
Vol 11 (11) ◽  
pp. 1
Author(s):  
Noor Zainab Tunggal ◽  
Shariff Umar Shariff Abd. Kadir ◽  
Venus-Khim Sen Liew
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Exchange Rates ◽  
Money Supply ◽  
The United States ◽  
Real Income ◽  
Nominal Exchange Rate ◽  
Monetary Model ◽  
Nominal Exchange Rates ◽  
The Exchange Rate

In this study, we examined whether the exchange rates in ASEAN-5 countries are driven by monetary fundamentals. We applied the panel unit root tests and found that the United States denominated nominal exchange rates of Malaysian Ringgit, Indonesian Rupiah, Philippines Peso, Singapore Dollar, and Thailand Baht are all integrated of order one. Meanwhile, relative money supply and relative real income are also integrated in the same order. Nonetheless, the relative interest rate is integrated in order zero, and it implies the uncovered interest rate parity held in ASEAN-5. By using a panel cointegration test pioneered by Pedroni (2000, 2004), we found evidence that there is a long-run relationship between nominal exchange rate and its monetary fundamentals. Consistent with the monetary model of the exchange rate, relative money supply is positively related to nominal exchange rates, while relative real income is negatively related to nominal exchange rates. Therefore, this study reveals the importance of relative real money supply and relative income for the exchange rate market players to predict and monitor ASEAN-5 exchange rates.

scholarly journals Pengaruh Faktor Internal dan Eksternal Terhadap Penentuan Suku Bunga Bank Indonesia

2019 ◽  
Author(s):  
samsul arifin
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Interest Rates ◽  
External Factors ◽  
Short Term ◽  
The Us ◽  
Us Dollar ◽  
The Exchange Rate ◽  
Internal And External Factors

This research discusses the influenced interest rate of Bank Indonesia by internal and external factors . The internal factors include investment , inflation and money supply. However, the external factors include the exchange rate of Rupiah on the US Dollar, the SIBOR , the PboC (People Bank of China) interest rate and The FED interest rate. This research is aimed to know what the effect of internal and external factors in the determination of interest rate of Bank Indonesia’s policy on 2008:Q4 – 2015:Q4 periods. This research uses Error Correction Model ( ECM ) method . The result of this research shows that in partial test (t-test) all variabel which is have an significant influence on interest rates of Bank Indonesia for a long term. Meanwhile, the variable of investment, inflation, the exchange rate of Rupiah on the US Dollar , and sibor have an significant influence on interest rates of bank Indonesia for a short term . The variable of investment , inflation , money supply ,the exchange rate of Rupiah on the US Dollar , the FED interest rates, Pboc interest rates and sibor variable simultaneous have an influence significant on interest rates of bank Indonesia variable for a short term and a long term.

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